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Everton could have instant PSR fix as Premier League green-light £98m deal
In a week when PSR has been under the spotlight, Everton may just have been presented with a solution to their issues under the Premier League’s spending rules.
The takeover situation and handling the move to Bramley Moore Dock may be Everton’s number-one concern at present, but PSR (Profit and Sustainability Rules) are a close second.
Unlike Leicester City, Everton did not find a loophole to circumvent their PSR issues in both 2021-22 and 2022-23.
They were docked eight points for those breaches, reduced from 12, with the deduction applied in 2023-24.
And with 2023’s £115m loss still part of the equation, Everton are still treading a fine line.
Everton have another PSR hearing scheduled for some time this year that will rule whether interest payments on loans taken out to fund the stadium build are deductible under Premier League rules.
If not, the scale of the breaches that Everton admitted in 2021-22 and 2022-23 may be more significant, which could potentially lead to another sporting sanction.
What’s more, there has never been any official word on the outcome of £300m compensation claim filed by several relegated clubs against Everton last year.
It may well be that both the hearing and the compensation claim amount to nothing, but Everton’s high costs mean PSR will continue to be an issue before they significant increase revenue.
But the Toffees could now have a Chelsea-style workaround – in theory, at least.
READ MORE: Tottenham cash in as £17m Everton PSR issue exposed
Chelsea’s hotel sale approved by Premier League
With a net spend of £800m since Todd Boehly‘s takeover in May 2022, Chelsea’s apparent continued compliance with PSR has left many supporters baffled. Not least at Everton.
By hook or by crook, Chelsea have got around PSR through various innovative tactics, such as ultra-long contracts to reduce annual amortisation.
And although the Premier League has since closed that particular loophole, it has emerged this week that another PSR-busting tactic of Chelsea’s, intra-group property sales, is above board.
As relayed by and many other outlets, Chelsea’s sale of two on-site hotels to another company in their own ownership network has been given the green light by the Premier League.
The sale, which was worth £98m in total, has generated £76m of bookable PSR profit for Chelsea.
Coupled with the intra-group sale of their women’s team, which they have previously valued at around £150m, that might see Chelsea escape the clutches of the Premier League’s PSR enforcers.
Everton may take heart from that, as it opens up the possibility that they could make similar transactions in future.
Assets Everton could sell for PSR
Of course, Chelsea-style intra-group sales at Everton are heavily contingent one a number of factors.
Most glaringly, it would require a resolution to the John Textor takeover saga.
Farhad Moshiri clearly has neither the inclination or the capital to be making accounting sleights of hand for the benefit of a club he wants rid of.
Secondly, a new Everton owner would also need to have the assets available to sell. And the Premier League will assess any sale for fair market value.
The sale of Goodison Park or the land on which it sits will not fetch a high price and the club rents its training ground from the council.
However, the club’s most recent accounts show that Everton have £12m in freehold property plus another £56m in plant and equipment, as well as Bramley Moore Dock.